HDFC Bank Managing Director and Chief Executive Officer (CEO) Shashidhar Jagadeesan said on Saturday that the bank has completed 85 per cent compliance with the Reserve Bank of India’s directives to remove the ban on the issuance of technology and new credit cards. Court of the Reserve Bank.
Speaking at his first annual general meeting as executive head of the country’s largest private sector bank, Jagadeesan said the technology investigation is complete and the central bank is now looking to remove the punitive action taken against the bank. It will be considered “independent”.
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Why was taboo
In December 2020, the Reserve Bank initiated an unprecedented action against the lender and prevented issuance of new credit cards due to the lack of technology in HDFC Bank. HDFC Bank was the market leader in this segment. With this, the bank was banned from bringing any new digital offerings of any kind.
Jagadeesan said, “We have set an example in our action on technology by following the advice and instructions of the regulator. By this time we had completed an important part. As expected, 85 percent of it is completed. “” The ball is now in regulatory court. When they see fit, as soon as they see that we are on the right track, I am sure they will lift the bar at some point, ”he said.
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